Acquiring a merchant account can be both costly and difficult. This is particularly important for independent workers, small-scale business owners, and service providers. Despite the difficulties and costs associated with acquiring a merchant account, an increasing number of consumers are utilizing electronic payments to make transactions on a daily basis. This leaves users curious about other options for accepting purchases without using a merchant account. However, the question is can you receive electronic payments without a merchant account, and if so, how?
Yes, you can accept electronic payments without opening a merchant account. Because of the wide availability of payment processing networks. You no longer need to own a merchant account as an alternative method of receiving payments.
What Is a Merchant Account and How Does It Function?
Firstly, let's define what we mean by a merchant account. A bank account known as a merchant account is a kind of bank account. It enables online merchants to embrace electronic payments. Now, how does it function properly? There are six steps of the whole procedure:
- Your website is where customers buy goods and services.
- The invoice is sent to the payment processing network through the credit card server (Visa or MasterCard).
- Following that, the credit card network sends it to the buyer's issuing bank for clearance.
- The funds from the sale are transferred to the merchant account after it has been endorsed.
- The proceeds are then transferred from your merchant account into your company bank account by the credit card issuer.
- After that you can make use of your money.
The first four steps require just a few seconds to complete. The fifth level, on the other hand, will take anything from two to fourteen days. Yes, you read it correctly! It could take two weeks for you to spend your hard-earned cash. A reason why certain consumers want to consider payment processing networks as an alternative to accepting electronic payments in some cases.
What Are the Prerequisites for Obtaining a Merchant Account?
The below mentioned documents are needed to opening a merchant account in 2021:
- Certificates of incorporation and incumbency are two types of certificates.
- Documents pertaining to the company's authority that list the directors and owners of the company.
- Utility bill, bank balance, or rental contract with the company's title on it, showing the company's location.
- Both business executives and owners should have versions of their valid identification copies.
There are also some website standards that you must follow. Otherwise, the platform may fail to meet both Visa and MasterCard requirements. Your submission would not be accepted in this situation. Another prerequisite for a site is to have a TOC (Terms and Conditions) page as well as an User Privacy page.
For Convenience Use a Payment Processing Network
A payment processing network will help you solve your problems. It is a network that receives all online funds collected on behalf of a site or an online merchant and then passes funds towards the customer company. That is what enables you to easily set up electronic payment approval. Examine the following considerations when selecting a payment processing network:
Security is a priority
Any merchant's payment protection must be a primary concern. With Myuser, you get the optimum security needed to operate your online business and stay secured.
As a result, when selecting a payment mechanism, you must ensure that it will deliver the appropriate degree of security. Practices of security can differ:
- The customer's permission is granted immediately.
- Monetary details authentication on the Internet.
- Exclusive certificates.
- The business's payment strategy must be clear. Often, keep an eye out for some secret charges.At Myuser, we do not conceal hidden fees and charges from any of our users. Everything is transparent on the basis of legitimacy.
- The convenience with monthly purchases.
- Is the firm's earnings information available?
The ease of reaching out to customer service
With Myuser, you have the ability to reach customer support quickly via phone, interactive chat, real-time email, or other preferred customer ways. Problems will be resolved as soon as possible by the customer support.
The maximum value that can be paid with a credit card
It's important to know the maximum amount you can pay using your credit card and evaluate your needs based on it.
The payment processing network interface's usability for both customers and merchants
You get the most easy to access and user-friendly interface with Myuser dashboard. Our users can quickly become familiar to the user interface without any assistance. Of course, further assistance from our brilliant team of customer support is always available, 24/7.
Solution for Accepting Electronic Payments Without a Merchant Account
Visa and MasterCard are the most popular payment methods. Alternative payment systems, on the other hand, can not be overlooked. Alternative payment systems include cardless and cashless methods of purchasing goods and services electronically via payment processing networks. According to Industry data, alternate payment systems will account for up to 56% of global purchases by the end of 2021. One of the best payment processing networks to resolve your recurring online payment acceptance crisis is Myuser.
With Myuser you get the following advantages:
- Myuser solely decides who to accept and reject without depending on any banking guideline. It does not adhere to any banking system.
- Myuser does not impose a monthly transaction limit. This prevents you from limiting how much revenue you can earn on a monthly basis.
- Myuser encourages merchants to focus on high growth rates without the barrage of issues. Most payment processors dislike fast-growing businesses, and their underwriting is not structured to benefit them. We do, however, help high-growth businesses by instantly underwriting the company every moment with our automated tracking system.
- With Myuser, minimize disputes in the same way as Amazon, Ebay, and Paypal do. We offer legitimate users chargeback prevention and protect you from fraudulent buyers. If you face high-risk, we will substantially reduce the disputes and create a tailored solution exclusively for you.
- Myuser does not put huge reserves like most other high-risk merchant accounts monitored by banking systems do.
- Myuser offers instant payouts via credit card which means you no longer have to wait to transact instantly, receive payments and invest wisely!
- Myuser supports payouts to almost anywhere in the world keeping the global chain of trading systems alive and kicking!
True, merchant account holders get access to a wide range of innovative payment options, but the clearance process may be time-consuming. It could take several weeks to get clearance to create a merchant account. Furthermore, it is costly, notably for small businesses. Payment processing networks like Myuser are the most effective solution to merchant accounts.
Choosing the alternative option of accepting electronic payments using payment processing networks is definitely useful. You can choose one of the best electronic payment facilitators, Myuser. It makes its own decisions focused on current underwriting and is not affiliated with any bank. Myuser is a payment processing network rather than a merchant account provider. It outperforms high-risk merchant accounts and Myuser is the only high-risk processor that is not associated with a bank.
Except for Myuser, all other payment processors (even the most renowned ones, for example, Stripe) who agree to payment terms and conditions often block accounts quickly without disclosing any reason. Myuser agrees quickly but actively adjusts your account configuration as your company grows with constant care and support.
Any other payment processor would whine about risks and simply hold your funds in order to "manage" their harm. We "manage" the danger of electronic payments by assisting you with proper configuration rather than locking your account. Myuser is the very first transaction portal for high-risk enterprises that does not use freeze funds.